The Hand-in-Hand Mutual Fire Insurance Company celebrated 150 years of service to the Guyanese public last Saturday.
Speaking at a cocktail reception to mark the anniversary at the Marriott Hotel, Prime Minister Moses Nagamootoo applauded the work of the company.
“I commend the company for its immense contribution to the local insurance industry and you should be proud of your achievement over the past 150 years,” Nagamootoo said, while noting that the company has undergone a “remarkable transformation from its humble beginnings to becoming a major player in the insurance industry in Guyana.”
He also assured the government’s commitment to working along with financial industries to facilitate an industry that is both regulated and supervised in order to prevent another “CLICO incident.”
“The insurance industry is now under the purview of the Central Bank and the new Insurance Act has recently been drafted to repeal the Insurance Act of 1998 under which insurance companies operate,” the Prime Minister said, while noting that this move is intended to bring insurance companies in line with international best practices and meet the country’s specific needs.
Additionally, with the company expressing plans to venture into the banking sector, Nagamootoo urged the company to be at the forefront of innovation by “creating new products that can resonate with a discerning and skeptical public,” in order to differentiate themselves from competitors.
“I rejoice with you today because not only have you helped Guyanese to mitigate grief, losses and injuries but because the insurance industry, of which you are the pioneer, has contributed to the economic and financial development in Guyana,” he added.
Meanwhile, Chairman of the Hand-in-Hand Group of Companies John Carpenter expressed pride in the company being able to serve Guyana for such a long time.
In giving a brief overview of the company’s history, he noted that the entity came into being during what can be described at a very critical point for Guyana. In 1864, he said, Georgetown was a rapidly expanding wooden city with thousands of buildings in close proximity, making the fear of fires ever present. That fear, he added, was realised after two disastrous fires crippled commercial George-town, resulting in losses that can be equated to $1 billion in today’s economy. As a result, the expatriate controlled insurance companies increased their rates from 4% to 6%, making it extremely difficult for the already suffering businesses. “The following year, in October of 1865, a group of local businessman launched Hand-in-Hand,” Carpenter said, while noting that the company was probably one of the first examples of an indigenous enterprise venturing into an area that was previously controlled by expatriates
He said in spite of having suffered three fires itself, the company was able to move from employing just four persons in 1879 to having in excess of 150 plus employees in 14 branches around Guyana today. “It is not only financial security that we provide but also peace of mind. We have secured 150 years of such service to the nation and its citizens, an unmarked record in Guyana’s business standings,” Carpenter added.
